GRAND RAPIDS, Mich. Old Kent Financial Corp. has closed three of its mutual funds to new investors pending the completion of its merger with Fifth Third Bancorp of Cincinnati.
According to a Securities and Exchange Commission filing, the Kent Science and Technology Fund, the Kent Canterbury Fund, and the Kent Cascade Fund were closed to new purchases on Feb. 21.
A spokeswoman said that Old Kent made the move because of Fifth Thirds purchase of Maxus Investment Group, a Cleveland money management firm, in January. Regulations require Fifth Third to create a new registered investment adviser, which will be part of Maxus.
Old Kents registered investment adviser subsidiary, Lyon Street Asset Management Co., which manages the Kent funds, would become redundant when the Old Kent-Fifth Third deal is completed, which is expected in the second quarter; Lyon would be folded into the new registered investment adviser.
The spokeswoman said that the funds managers will remain the same and that no layoffs are expected.